Cidel Asset Management Inc. Raises Stock Holdings in Bank of Montreal (NYSE:BMO)

Cidel Asset Management Inc. raised its holdings in Bank of Montreal (NYSE:BMO) (TSE:BMO) by 3.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 927,296 shares of the bank’s stock after acquiring an additional 34,388 shares during the period. Bank of Montreal comprises 3.9% of Cidel Asset Management Inc.’s holdings, making the stock its 5th biggest holding. Cidel Asset Management Inc. owned approximately 0.14% of Bank of Montreal worth $95,148,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the business. Isthmus Partners LLC bought a new position in Bank of Montreal in the second quarter valued at about $429,000. Mercer Global Advisors Inc. ADV boosted its stake in shares of Bank of Montreal by 16.4% during the second quarter. Mercer Global Advisors Inc. ADV now owns 5,182 shares of the bank’s stock valued at $531,000 after purchasing an additional 731 shares in the last quarter. Cambridge Investment Research Advisors Inc. acquired a new stake in shares of Bank of Montreal during the second quarter valued at about $823,000. Toronto Dominion Bank boosted its stake in shares of Bank of Montreal by 34.0% during the second quarter. Toronto Dominion Bank now owns 11,935,511 shares of the bank’s stock valued at $1,087,117,000 after purchasing an additional 3,025,792 shares in the last quarter. Finally, Skandinaviska Enskilda Banken AB publ boosted its stake in shares of Bank of Montreal by 47.5% during the second quarter. Skandinaviska Enskilda Banken AB publ now owns 223,571 shares of the bank’s stock valued at $22,932,000 after purchasing an additional 71,987 shares in the last quarter. Hedge funds and other institutional investors own 41.13% of the company’s stock.

BMO stock traded up $0.85 during midday trading on Wednesday, hitting $101.35. The company’s stock had a trading volume of 19,358 shares, compared to its average volume of 765,978. The stock’s 50-day moving average price is $100.63 and its 200 day moving average price is $97.52. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.13. Bank of Montreal has a 1 year low of $56.96 and a 1 year high of $106.88. The stock has a market cap of $65.66 billion, a price-to-earnings ratio of 11.92, a PEG ratio of 0.66 and a beta of 1.32.

Bank of Montreal (NYSE:BMO) (TSE:BMO) last posted its quarterly earnings data on Monday, August 23rd. The bank reported $3.44 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.94 by $0.50. Bank of Montreal had a return on equity of 16.01% and a net margin of 22.10%. The business had revenue of $6.58 billion for the quarter, compared to analysts’ expectations of $6.39 billion. During the same quarter in the previous year, the firm earned $1.85 earnings per share. The business’s revenue was up 9.6% on a year-over-year basis. As a group, equities analysts forecast that Bank of Montreal will post 9.75 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 26th. Shareholders of record on Monday, November 1st will be given a $0.848 dividend. The ex-dividend date is Friday, October 29th. This represents a $3.39 annualized dividend and a yield of 3.35%. Bank of Montreal’s dividend payout ratio is currently 59.16%.

A number of analysts have recently commented on the company. Barclays raised Bank of Montreal from an “underweight” rating to an “equal weight” rating and cut their price target for the company from $86.00 to $83.00 in a research note on Tuesday, September 7th. Desjardins lifted their price objective on Bank of Montreal from C$133.00 to C$138.00 and gave the stock a “hold” rating in a research note on Thursday, August 26th. Bank of America lifted their price objective on Bank of Montreal from $150.00 to $152.00 and gave the stock a “buy” rating in a research note on Wednesday, August 25th. Royal Bank of Canada boosted their price target on Bank of Montreal from C$139.00 to C$146.00 and gave the company a “sector perform” rating in a research note on Wednesday, August 25th. Finally, BMO Capital Markets boosted their price target on Bank of Montreal from C$150.00 to C$152.00 and gave the company a “buy” rating in a research note on Wednesday, August 25th. Four analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $138.27.

Bank of Montreal Profile

Bank of Montreal engages in the provision of banking and financial services to individuals and institutions. It operates through the following segments: Canadian Personal and Commercial Banking (Canadian P&C) and United States Personal and Commercial Banking (U.S. P&C). The Canadian P&C segment refers to retail banking and financial operations in Canada.

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Institutional Ownership by Quarter for Bank of Montreal (NYSE:BMO)

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